Japan signals interest in China's One Belt, One Road initiative

April 16 (UPI) -- China and Japan rarely see eye to eye, but the two sides are increasingly cooperating on issues of trade.

U.S. President Donald Trump has threatened to raise tariffs on Chinese goods and withdrew the United States from the Trans-Pacific Partnership -- a move he is seeking to reverse in an upcoming summit with Japanese Prime Minister Shinzo Abe.

U.S. flip-flopping on trade issues may have served as the backdrop to an economic dialogue in Tokyo on Monday, between Japanese Foreign Minister Taro Kono and his Chinese counterpart Wang Yi, according to NHK and other Japanese media.

Kono later told Japanese reporters the two sides agreed any trade war will have a "serious impact" on the global economy.

Wang also invited the top Japanese diplomat to consider participating in China's One Belt One Road network of global trade. Kono said Japan would be willing to pursue projects within the network that "meet the standards of the international community."

Trump's decision to withdraw the United States from TPP may come at a price, The Wall Street Journal reported Sunday.

The negotiations involved in re-entering TPP could extend beyond Trump's first term, according to the report.